"The implementation date of the taxation measures will be subject to the actions of the US, and China reserves the right to continue to introduce other countermeasures," the statement said.

The move is a response to the Trump administration's recent threat to raise the proposed tariff rate on an additional $200 billion worth of Chinese goods to 25% from 10%. That threat is part of efforts to make it more painful for China "to continue their bad practices than it is to reform," US Commerce Secretary Wilbur Ross said Thursday on Fox Business Network.

The Trump administration last month enacted a 25% tariff on roughly $34 billion worth of Chinese goods, prompting Beijing to retaliate in kind, and then threatened to slap additional duties on nearly all Chinese goods sent to the US. US tariffs on another $16 billion worth of Chinese imports are set to be enacted at a later date.

May 29: The White House announces that the tariffs on $50 billion of Chinese goods will move forward, with the final list of goods released June 15. The move appears to wreck the nascent trade deal.

June 15: Trump rolls out the final list of goods subject to new tariffs. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date. China retaliates with an equivalent set of tariffs.